High prices forced first contraction in construction sector in over a year
Severe price pressures forced the Irish construction sector to contract marginally in June, the first time it has reduced in size since April of last year when the pandemic was still restricting activity. The BNP Paribas Real Estate Ireland Construction Purchasing Managers Index (PMI) found new orders fell at a sharp and accelerated pace. Purchasing […]
Cabinet agrees stricter controls on online platforms advertising short-term lets
The Government has approved moves to strengthen regulatory controls on the short-term letting of property. These controls will apply to non-principal private residences in rent pressure zones and are due to come into effect in September. The amendment, if enacted, will mean that from 1 September online platforms will not be able to advertise properties […]
Job vacancies stabilise as caution enters the market
New data from hiring platform IrishJobs.ie shows a continued stabilisation in the number of job vacancies across the country. While the Index reveals 15% year-on-year growth in the number of jobs available this quarter, this is a deceleration of growth compared to the year-on-year figure for last quarter of 44%. In addition, quarterly growth is […]
The Summer Economic Statement: What you need to know
What’s the Summer Economic Statement? It is a document that sets out the parameters of the forthcoming Budget. That means, in broad terms, how much ‘new’ money will be spent or used to lower tax rates on Budget day. It also shows the total amounts of Government spending planned for budgets out to 2025. And […]
Investor demand for Irish debt remains high – NTMA
The organisation which manages Ireland’s national debt has said the country’s borrowing position remains strong, despite the rising cost of servicing it. In a mid-year update, the National Treasury Management Agency (NTMA) said that because of its multi-year programme of pre-funding and its decision to take advantage of historically low rates in recent years, it […]
Inflation could peak at over 10% in coming months, Central Bank warns
The Central Bank has warned that inflation could peak in the coming months at over 10% but should start to decline after that. In its latest Quarterly Bulletin, the bank also says household incomes will decline this year but are expected to recover next year with strong wage growth. It also describes the current high […]
New authority to crack down on corporate wrongdoing
The Office of the Director of Corporate Enforcement (ODCE) has now become a statutory and independent agency called the Corporate Enforcement Authority, with additional resources to investigate and prosecute white collar crime. The Government is to increase staffing levels by nearly 50%, including doubling the number of gardaí. The authority’s budget has also been increased […]
Rising costs of living hitting back-to-school expenses
Cost of living increases are impacting parents budgeting for back-to-school expenses, according to a new survey for the Irish League of Credit Unions. Back-to-school expenses are leaving more parents with debt, including credit card debt, according to the findings of the survey of 764 parents. As the cost of living continues to rise in Ireland, […]
Euro falling towards parity pain point
A stampede for dollars as global recession risks mount has left other currencies battered and bruised, with the euro getting trampled on more than most as surging European gas prices worsen economic growth fears. Analysts predict the single currency, which yesterday hit its weakest since 2002, will soon fall to parity. The euro is seen […]
Euro zone business growth slowed sharply in June – PMI
Business growth across the euro zone slowed further last month, according to a survey in which forward looking indicators suggested the region could slip into decline this quarter as the cost of living crisis keeps consumers wary. S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good guide to economic health, fell to […]
30% tax rate idea still being examined – Varadkar
A new 30% tax rate for middle-income earners has not been ruled out, according to Tánaiste Leo Varadkar. Last March, the Fine Gael leader said he had asked the Minister for Finance to examine the viability of a new 30% tax rate for middle-income earners. He told the Institute of International and European Affairs that […]
Euro hits 20-year low against dollar on recession risk
The euro sank today to its lowest level against the dollar since 2002 as data pointed to a growing recession risk in the euro zone. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans […]
Over 220,000 new current accounts opened as banks exit market
The main retail banks have opened 222,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland begin switching providers ahead of the exit of the two banks from the Irish market. The figures from Banking and Payments Federation Ireland (BPFI) show more than 55,000 personal accounts were opened […]
€6.7bn Budget package expected as Summer Economic Statement due
The Government is to publish its Summer Economic Statement later today, which will set out the parameters of the Budget. Last year’s Summer Economic Statement published the parameters of the Coalition’s Budget plans for the next five years. It included a spending rule which would limit increases in public spending to 5% a year to […]
New low cost Covid-19 loan scheme for businesses
The Government has launched a further low cost Covid-19 loan scheme for businesses. The finance will be available to small and medium businesses (SMEs) including farmers, fishers and food businesses. Low cost loans between €25,000 and €1.5 million will be available with terms of one to six years. Credit will be available without security where […]
Irish inflation estimated at 9.6% in June – Eurostat
Inflation across the euro area rose to 8.6% in June, according to an initial estimate by the EU’s statistical agency Eurostat. Its estimate for inflation in Ireland was 9.6%, which is higher than many forecasters had predicted. The Central Statistics Office will publish detailed inflation figures later this month. Looking at the components of the […]
New EU roaming rules come into force
New EU roaming rules for mobile phone users have come into effect after the previous EU Roaming regulation of 2017 ended yesterday. The “Roam-like-at-home” initiative has been extended until 2032 and allows travellers in the European Union and the European Economic Area to call, text and surf the internet abroad without extra charges. The new […]
Solar panels could power ‘quarter of Irish households’
Climate scientists at University College Cork have concluded that a quarter of all the electricity needed by Irish households could be produced by putting solar panels on domestic rooftops. The study examined every rooftop in Ireland using satellite imagery and weather data for the first time. The findings come on the same day that the […]